As breaches multiply, so have the rates of insurers’ “cyber premiums,” Reuters reports. “On top of rate hikes, insurers are raising deductibles and in some cases limiting the amount of coverage to $100 million, leaving many potentially exposed to big losses from hacks that can cost more than twice that,” the report states. “Average rates for retailers surged 32 percent in the first half of this year, after staying flat in 2014,” the report continues. And size doesn’t matter: “Even the biggest insurers will not write policies for more than $100 million for risky customers,” the report states, noting, “That leaves companies like Target, which says its big 2013 data breach has cost $264 million, paying out of pocket.”
If you want to comment on this post, you need to login.